Pros & Cons Of Buying Pre-Construction Homes For Sale In Toronto
If you are looking to buy pre-construction homes for sale in Toronto, it’s always better to evaluate its pros and cons. Even though the demand for pre-construction properties for sale in Toronto has increased, there’s absolutely no harm in gaining a better understanding of what you are actually getting into. This will not only prepare you better but will give you a fair understanding of how things roll.
C’mon then, let’s get started.
Pros of Pre Construction Homes For Sale In Toronto
Because of the increasing benefits of pre-construction houses for sale in Toronto, they are becoming increasingly popular. But why are they becoming popular? Let’s understand.
1. Customized Designs
Are you a book lover? Get a bookshelf made in your room. Love bohemian style? Get the interiors matched. Enjoy lavishness? Upgrade the exterior. With umpteen choices to decide upon, you don’t have to worry about getting things replaced. A pre-construction house for sale in Toronto will give you the liberty to keep your preferences forth regarding kitchen counters, paint colors, flooring options, etc. And as it is, making changes at an earlier stage is always better than making changes after the whole process is done and dusted.
2. Negligible House Repairs
Now, because it’d be a new house and you’d be the first person to live there, the cost of maintenance will drastically decrease. This is because all the things installed in the house will be brand new and their chances of having a longer life will automatically increase. You will, therefore, not have to spend much on house repairs.
Imagine buying a new dress and flaunting it. Amazing feeling, right? Compare it to a situation where you wear your sister’s dress. You wouldn’t even want to flaunt it; not because the dress isn’t nice, but because the charm of the dress is long gone. The same goes for pre-construction homes. The feeling of something being brand new can’t be suppressed.
4. Flexible Down Payment
Apart from pre-construction homes for sale in Toronto is relatively cheaper, the down payments are super flexible too. You can pay the amount in a number of installments. What makes the property even more profitable is the fact that it’s price often tends to increase during its construction and it can be sold at a higher price later.
Cons Of Pre Construction Homes For Sale In Toronto
Where there are pros, there are cons. This is an inevitable truth. Now that we have discussed the benefits, let’s discuss the pitfalls too.
Pre-construction homes for sale in Toronto have a history of delayed completion. That is something unavoidable. So be prepared for something of this sort if you are planning to buy a pre-constructed property.
2. Hidden Charges
When you close the deal for a pre-constructed house, additional fees for upgrades and occupancy is to be paid. The extra cost in the form of taxes also creeps in. This is outside the mortgage payments so be prepared to shell a few extra dollars if pre-construction homes for sale in Toronto are on the cards. At times, bidders might end up asking for 25% of the entire payment while signing the deal as well. While this is huge indeed, it varies from bidder to bidder.
Although not exhaustive, this is a list of some of the pros and cons of buying pre-construction homes for sale in Toronto. It’s clear that the pros of pre-construction condos/houses for sale in Toronto supersede the cons. If you can keep aside the downsides, we feel that it is a pretty good idea to go ahead with pre-constructed houses, primarily for the feeling of owning something that matches your taste and lifestyle.
And, if you do plan to go ahead with a pre-constructed house, make sure you hire an expert realtor to help you find one, especially now when the norms have grown stricter due to COVID-19. Only a real estate agent will be able to run you through the nitty-gritty of pre-construction properties for sale in Toronto. The real estate agent will take care of the end-to-end process of finding the best pre-construction home for sale in Toronto for you.